Montréal – The Autorité des marchés financiers (AMF) issued a provisional order against AC Reinsurance Management Inc. prohibiting it from carrying out any activity related, directly or indirectly, to the sale of insurance in connection with CIG Vie or any other insurer.

According to the order, AC Reinsurance Management Inc. is currently violating the Act respecting insurance (the "Act") under which only the legal persons authorized for that purpose by law and holding licences issued by the AMF may act as insurers in Québec. It also appears that AC Reinsurance Management Inc. failed to respect all the obligations prescribed in the Act in respect of, but not limited to, the structure of capital stock and the composition of the board of directors of an insurance company.

The Autorité des marchés financiers (AMF) is the regulatory and oversight body for Québec’s financial sector.